1,000 Rigs from the Shipment have been
deployed; Installation will continue over the next several
weeks
VANCOUVER, April 4, 2018 /CNW/ - HashChain Technology Inc.
("HashChain" or the "Company") (TSXV: KASH; OTCQB:
HSSHF) today announced the arrival of 3,000 mining Rigs
("Rigs") to the Company's Montana,
USA mining facility ("Montana Facility"), as part of
the purchase order announced in the Company's January 4, 2018 news release. Of that received
shipment, 1,000 Rigs have been deployed giving the Company a
combined total of 1,870 rigs operating. With all 3,870 Rigs
operating, HashChain will be operating with a total of
approximately 5.8 MW of power.
On November 3, 2017, HashChain
commenced mining with 100 Rigs in its Vancouver data centre exclusively for mining
Dash cryptocurrency. On March 8,
2018, the Company deployed an additional 770 Rigs currently
focused on mining Bitcoin in its 20MW Montana facility to operate at 1.28 MW. The
870 combined Rigs mined 4.97 BTC and 3.89 DASH for a gross revenue
of CAD $53,642 over the week
of March 8-14, 2018, based on
coinmarketcap.com prices on March
28th.
HashChain notes there are material costs associated with mining
and it will need to complete its next quarterly financial
statements to have complete details on such costs. The
Company will report full details on its costs associated with
mining in its financial statements. At this time the Company
has not converted the Bitcoin and Dash into fiat currency.
"HashChain continues to diversify our business strategy to
include other blockchain-related software and services, and we
remain dedicated to mining sector," says Patrick Gray, CEO and
founder of HashChain. "The Company's unique ability to quickly
order and receive large quantities of Rigs helps us scale at an
accelerated rate in ideal mining locations to reduce operational
expenditure and ensure ROI on coin mined."
A "Rig" is a high-performance computer system used for
cryptocurrency Mining. "Mining" is the process in which individuals
solve complex, computation puzzles to confirm transactions to be
added on a blockchain. Miners who successfully complete the mining
process earn a reward in the form of cryptocurrency or other
blockchain coin or token.
The Company retains the ability to acquire up to an additional
2,000 Rigs pursuant to the purchase order for up to a total of
5,000 Rigs, and will make a decision regarding the potential
acquisition of the remaining Rigs in the coming months.
About HashChain Technology Inc.
HashChain is a blockchain company, and the first publicly traded
(TSXV:KASH; OTCQB: HSSHF) Canadian cryptocurrency mining company to
file a final prospectus supporting highly scalable and flexible
mining operations across all major cryptocurrencies. HashChain taps
low-cost North American power, cool climate and high-speed
Internet: the trifecta most critical to mining success, to create a
competitive position for maximizing the number of mining 'wins.'
HashChain currently operates 100 DASH mining Rigs, 1,770 Bitcoin
Rigs, and has received an additional 2,000 Rigs. Once all Rigs are
operational HashChain will be consuming approximately 5.8 megawatts
of power. HashChain also acquired a Dash Masternode, which
requires a collateral investment of 1,000 DASH coins.
Diversifying its business strategy beyond crypto mining, the
Company recently acquired NODE40, a blockchain technology company
that developed NODE40 Balance, a new SaaS product making
cryptocurrency tax reporting simpler and more accurate. The
solution allows cryptocurrency users and traders to accurately
report their capital gains and losses. NODE40 is also one of the
leading masternode server-hosting providers for the Dash network
and is seeking additional alternate coin masternode hosting.
HashChain Mining is a wholly owned subsidiary of HashChain
Technology Inc. based out of Albany, New
York, and an office in Vancouver,
British Columbia.
On Behalf of the Board,
Patrick Gray
CEO & Director
For Further information please contact:
HashChain Technology Inc.
Larry Heinzlmeir
Vice President, Marketing & Communications
Larry@HashChain.ca
604-537-8676
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward Looking Statements: Certain
disclosure in this release, including statements regarding the
performance of the Company's operating and purchased Rigs, and
expectations regarding future operations may constitute
forward-looking statements. In making the forward-looking
statements in this release, the Company has applied certain factors
and assumptions that are based on the Company's current beliefs as
well as assumptions made by and information currently available to
the Company, including that all of the 3,000 Rigs will be
successfully deployed, the 3,870 Rigs will perform as expected by
management, and the other assumptions disclosed in this release.
Although the Company considers these assumptions to be reasonable
based on information currently available to it, they may prove to
be incorrect, and the forward-looking statements in this release
are subject to numerous risks, uncertainties and other factors that
may cause future results to differ materially from those expressed
or implied in such forward-looking statements. Such risk factors
may include, among others, the risk that the 3,000 Rigs will not be
successfully deployed, the risk that the Company's current
operating and purchased Rigs will not perform as expected by
management, and the other risks disclosed in this release.
Readers are cautioned not to place undue reliance on
forward-looking statements. The Company does not intend, and
expressly disclaims any intention or obligation to, update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
law.
SOURCE HashChain Technology Inc.
